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SuperFi will empower users to better manage their debt repayments by adopting new partner TrueLayer’s Variable Recurring Payments (VRP) open banking technology.
VRP allows users to authorize a series of payments in variable amounts from a bank account instead of card-on-file or direct debit.
The application of this technology within the SuperFi app allows users to repay their debts in a structured and controlled manner without having to incur overdraft fees or authenticate transactions.
SuperFi’s platform connects users’ bank accounts and credit cards to track borrowings and overdrafts in a single interface. Customers can choose and follow personalized plans that help them pay off their debt faster.
VRPs are instantly settled and verified using one-time authentication and can be personalized to the customer’s finances.
TrueLayer VRP uses a mandatory process called a “sweep” to allow users to set up automatic transfers of different amounts on a regular basis between two accounts they own.
For SuperFi and its customers, this enhances the process of paying off debt faster and avoiding fees. Customers can use her VRP to “swipe” money between bank accounts to avoid overdrafts and other penalties.
VRP can also automatically “round up” purchases to the nearest pound, using reserve change to pay off credit card debt.
The emergence of features such as Open Banking, especially VRP, is timely given its suitability to meet the challenges associated with the ongoing economic turmoil.
Consumer debt has also increased as inflation has pushed up household costs over the past year. Data for November 2022 bank of england disclosed Consumers borrowed 1.5bn of consumer credit in the month and took out a further 500m of new borrowing by January 2023.
The surge in debt has left many individuals and families in financially precarious situations. Because of this, 45% of her UK adults admit they are having trouble paying the bills they need, and some 6 million are in arrears. According to research issued by YouGov and StepChange Debt Charity October 2022.
SuperFi’s Debt Support will ultimately help users leverage open banking technology to alleviate these issues and provide customers with both a complete picture of their debt and a manageable repayment plan.
Recognizing the suitability of our solutions in the current climate, Tom BaltropSuperFi’s CEO and co-founder said that as many people struggle to pay their bills and credit agreements, “the need for early detection and prevention of problem debt is more urgent than ever. I am not being asked for anything, he said.
We are excited to harness the power of VRP to help our users pay off their debt faster and avoid unnecessary fees, commented Barltrop.
mat parishGroup Product Manager at TrueLayer added:
We are pleased to work with SuperFi to provide a more reliable approach to debt support.
